Infrastructure emerges as key driver of ASEAN economic resilience

Thailand has experienced a surge in public investment, with a 25.9% increase in Q3 2024.

Infrastructure development has emerged as a cornerstone of economic growth across ASEAN, with Malaysia, Indonesia, and Thailand leveraging significant public investment to enhance their economic resilience, Asian Development Bank (ADB) said.

In Malaysia, infrastructure projects like the Sarawak-Sabah Link Road and the Pan Borneo Highway have been instrumental in driving nearly 20% growth in construction activity during Q3 2024.

This momentum has been further supported by improved consumer confidence and favorable labor market conditions, creating a positive ripple effect across the economy.

Indonesia has prioritized public infrastructure spending, particularly developments in its new capital city and toll road construction, which have sustained robust economic growth.

Increased infrastructure spending in Q3 2024 aligned with strong private consumption, whilst regional elections provided additional stimulus for economic activity, particularly in Q4.

Meanwhile, Thailand has experienced a surge in public investment, with a 25.9% increase in Q3 2024, fueled by delayed budget disbursements and fiscal measures such as cash handouts, which bolstered government consumption.

Growth was further supported by a robust manufacturing sector, particularly electronic products and automotive components, alongside strong tourism and services exports.

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